The two missing red hats are:
Fast Build
Cost: 125,000
Effect: Building LEGO piles will go much faster with this turned on.
Found: Watchtower
You need 32 Gold Bricks. Assemble the elevator near the watchtower and
ride up. The hat is inside the darkened doorway.
Treasure x10
Cost: 2,500,000
Effect: All picked up studs are multiplied by ten.
Found: Watchtower
You need 32 Gold Bricks. Assemble the elevator near the watchtower and
ride up. Continue to climb up the rigging and chains until you reach
the very top. At the top of the watchtower, use the spyglass on the far
island and watch the digging pirate.